The company said in a statement that the property was purchased through auction.com from an entity controlled by C-III Asset Management.

Built in 1968, Timbercreek Apartments consists of two-bedroom units averaging 777 square feet. According to Thalhimer Realty Partners, it was 94.5 percent leased at the time of purchase. The property is located close to Chippenham Parkway and downtown Richmond. Thalhimer Realty Partners has engaged Cushman & Wakefield | Thalhimer to manage the property.

Thalhimer Realty Partners is a private real estate investment firm with a portfolio of commercial and multifamily assets valued at more than $265 million.

Since August of 2012, it has purchased two other Richmond apartment properties: the 66-unit Riverside Drive Apartments for $2.3 million and Deering Manor Apartments, a 168-unit property on Hopkins Road, for $3.7 million.